智通财经APP获悉，广发证券发布研报称，9月4日-9月5日，冀中新材料、威玻新材料、山东玻纤和三 磊玻纤陆续发布复价函，上调直接纱、板材纱、短切毡专用纱等产品5%-10%价格，原因系中美关税等 因素，企业出现持续性亏损。此次调价标志着玻纤行业自律初见成效，内卷情况有所减缓，未来玻纤行 业盈利中枢有望持续提高。玻纤/碳基复材方面，据卓创资讯，截至2025年9月4日，电子纱G75主流报价 8300-9200元/吨，较上一周均价环比持平，高端产品E、D系列及低介电产品市场成交价格高位维持。 广发证券主要观点如下： 据卓创资讯，截至9月4日，国内浮法玻璃均价1190元/吨，环比-0.1%，同比去年-10.6%，库存天数约 27.64天，较上周四增加0.09天。2.0mm镀膜面板主流订单价格13元/平方米左右，环比+18.18%，样本库 存天数约18.35天，环比下降6.80%。当前玻璃龙头估值偏低，看好旗滨集团(601636.SH)、山东药玻 (600529.SH)、福莱特(601865.SH)、福莱特玻璃(06865)、信义玻璃(00868)、信义光能(00968)，关注金晶 科技(600586.SH)、力诺特玻( ...

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2]. Core Insights - The real estate sector remains in a weak economic environment, but changes on the supply side are more promising [1]. - The cement sector is expected to benefit from demand driven by urban renewal and supply restrictions, leading to improved market conditions [4][7]. - The report highlights the potential for price increases in waterproofing products, which could enhance industry profit margins [7]. Summary by Sections Industry Overview - The building materials industry consists of 73 listed companies with a total market value of 838.733 billion yuan and a circulating market value of 789.313 billion yuan [2]. - The report notes a decline in real estate development investment, with a 12% year-on-year decrease, and a 4% drop in commercial housing sales area [7]. Key Companies - North New Building Materials: EPS forecast for 2024A is 2.2 yuan, with a "Buy" rating [5]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with an "Overweight" rating [5]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a "Buy" rating [5]. - Shandong Pharmaceutical Glass: EPS forecast for 2024A is 1.4 yuan, with a "Buy" rating [5]. - Qibin Group: EPS forecast for 2024A is 0.1 yuan, with an "Overweight" rating [5]. - Dongfang Yuhong: EPS forecast for 2024A is 0.1 yuan, with a "Buy" rating [5]. - Jianlang Hardware: EPS forecast for 2024A is 0.3 yuan, with a "Buy" rating [5]. - China National Materials: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. Market Trends - The cement market saw a 0.2% increase in prices, with specific regions experiencing price hikes of 10-30 yuan per ton [31]. - The national cement output for January to July 2025 was 958 million tons, a 4.5% year-on-year decrease [7]. - The report anticipates a steady upward trend in cement prices due to rising coal costs and improved demand conditions [31]. Recommendations - The report recommends focusing on companies that are likely to benefit from supply restrictions and urban renewal projects, such as Huaxin Cement and Conch Cement [7][8]. - It also suggests monitoring companies in the waterproofing sector, like Dongfang Yuhong, for potential profit margin improvements [7].

Core Viewpoint - The construction materials industry is facing challenges due to low demand for cement, with average shipment rates around 44%, and prices hitting or falling below cost levels, exacerbated by rising coal prices [1][6]. Investment Highlights - The construction materials sector saw a weekly change of 1.19%, underperforming the Shanghai Composite and Wind All A indices, which changed by 1.23% and 1.94% respectively [2]. - The national average price for high-standard cement is 339.7 yuan/ton, unchanged from the previous week but down 42.5 yuan/ton compared to the same period last year [3]. - The average cement inventory level among sample enterprises is 67.4%, up 1.2 percentage points from last week and 1.1 percentage points from the same period last year [3]. Cement Market Analysis - The cement market is experiencing low demand due to high temperatures and rainfall, with companies in key regions discussing staggered production to alleviate operational pressures [6]. - There is a consensus on supply discipline within the industry, which may lead to better profitability compared to last year, with potential price increases expected in mid-August [6]. - The sector's price-to-book ratio is at historical lows, and industry policies may drive profitability recovery and valuation improvement [6]. Glass Fiber Market Insights - The electronic glass fiber market is seeing an upgrade trend, with high-end products expected to gain market share due to technological advancements [7]. - The ordinary glass fiber market remains under pressure, but demand in wind power and thermoplastics is expected to grow, supporting mid-term profitability [8]. - Leading companies in the glass fiber sector are positioned to benefit from structural adjustments and increasing demand in emerging applications [8]. Glass Industry Overview - The glass industry is facing significant losses, but supply-side contractions may improve the short-term supply-demand balance, with potential price stabilization [9]. - The industry is expected to benefit from policy measures aimed at reducing excess capacity, with leading companies likely to enjoy cost advantages and excess profits [9]. Renovation and Building Materials Sector - Increased external uncertainties and government policies aimed at boosting domestic demand are expected to enhance consumption in the home improvement and building materials sector [10]. - The market for home improvement materials is anticipated to improve, with leading companies likely to see valuation recovery as consumer confidence strengthens [10]. - Companies are exploring new business models and extending their supply chains to enhance efficiency and pricing power [10].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 16 yuan [2][10]. Core Views - The company achieved a revenue of 4.479 billion yuan in Q1 2025, representing a year-on-year growth of 32.42%, and a net profit attributable to shareholders of 730 million yuan, up 108.52% year-on-year [2][9]. - The recovery in prices has released profit potential, and the company's scale advantages are becoming more pronounced [2][9]. - The demand in the fiberglass industry is expected to increase, driven by growth in downstream applications such as consumer electronics and AI, which will boost the demand for high-end electronic fabrics [9][10]. - The company has improved its gross margin to 30.5% in Q1 2025, a year-on-year increase of 10.4 percentage points, due to improved volume and price dynamics [9][10]. - The company’s operating cash flow has improved year-on-year, with a decrease in expense ratios, indicating better cost management [9][10]. Financial Summary - For 2025, the company is projected to have total revenue of 17.415 billion yuan, with a year-on-year growth rate of 9.8% [5][10]. - The net profit attributable to shareholders is expected to be 3.205 billion yuan in 2025, reflecting a growth rate of 31.1% [5][10]. - The earnings per share (EPS) for 2025 is estimated at 0.80 yuan, with a price-to-earnings (P/E) ratio of 15 times [5][10]. - The company’s total assets are projected to reach 63.085 billion yuan by 2026, with a debt-to-equity ratio of 50.5% [10].